CRI Report has released a report titled “AI in Fintech Market – Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” which is anticipated to reach USD 39.87 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 36.81% between 2020 and 2030. According to the report, due to the increasing number of internet users, fintech is one of the fastest-growing industries on the planet. Users are rapidly migrating to mobile devices to conduct similar activities and transactions, resulting in an increase in the number of internet users. As a result of the increased risk of cyber-attacks from fraud, the use of artificial intelligence will expand over the forecast period. A potential for AI in the fintech industry is the increased use of AI-enabled technologies solutions in the capital market.
The market report on global AI in Fintech Market includes in-depth insights as:
- The estimated value of the market was USD 8.9 billion in the year 2020.
- Global AI in Fintech in North America held the largest market share in the year 2020.
- Global AI in Fintech market is segmented by components into Solution and Services.
- Global Business Process Management as a Service market is segmented by deployment Cloud and On-premise.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“In the finance industry, AI is used to look at a person’s overall financial health by examining cash accounts, credit accounts, and investment accounts, keeping up with real-time adjustments, and then creating personalized recommendations based on new incoming data. Banks and fintech companies have benefited from AI and machine learning because they can process large volumes of data about customers. This data and knowledge is then compared to arrive at conclusions about what services consumers want, which has helped in the development of customer relationships. Furthermore, the number of start-ups in the fintech industry is rapidly increasing. These companies are also interested in using Artificial Intelligence to simplify and extend their operations. In addition, as brick and mortar retailers continue to face difficulties as a result of the COVID-19 pandemic, many merchants are turning to point-of-sale financing as a possible new source of revenue, which is expected to increase the growth of the AI in fintech market”, according to this report
The financial sector continues to be ahead of the curve in terms of adopting emerging technology. JP Morgan is one of the first big banks to embrace new innovations like blockchain and cryptocurrencies. Artificial Intelligence (AI) is a paradigm-shifting technology that is transforming the financial sector in a seamless manner. Accurate decision making, automated customer service, claim processing, insurance management, fraud prevention, virtual financial assistance, predictive analysis, and other applications of AI in the Fintech market. Customers benefit from real-time account access, customized financial advice, managing deposits, making micro-investments, expense monitoring, budgeting, and other services provided by banks and other financial institutions. The main advantage of AI in Fintech is that it enhances the customer experience. Customers’ demands are met in real-time by AI in Fintech.
Global AI in Fintech market is segmented by components into Solution and Services. In the year 2020, the solution segment dominated the industry. The rising number of Account Takeovers and phishing emails has forced fintechs to invest in advanced tools and solutions to identify fraud anomalies early on. These solutions minimize detection time by processing massive data sets in real-time. Furthermore, these technologies assist fintech in meeting regulatory requirements.
Key Players in the Market
Some of the key players operating in the global AI in Fintech Market are Adyen Google, IBM Corporation, Inbenta Technologies Inc., Intel Corporation, IPsoft Inc., Amazon Web Services, ComplyAdvantage, Nuance Communications, Inc., Salesforce, inc., and other prominent players
Get Valuable Insights into Global AI in Fintech Market
In the new report, CRI Report thrives to present an unbiased analysis of the global AI in Fintech Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global AI in Fintech market is segmented by components into Solution and Services. Global Business Process Management as a Service market is segmented by deployment Cloud and On-premise. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Global Media Monitoring Software Comprehensive Market Segments: By Deployment (Cloud-Based and On-Premises); By Offerings (Integrated platform and Standalone software); By End Users (Media and Entertainment, Retail and consumer goods, Financial services, IT and telecommunications and Others); By Organization size (Small & Medium enterprise and Large enterprise) and Region – Analysis of Market Size, Share & Trends for 2019 – 2030 and Forecasts to 2030